Former EMI CEO working on takeover bid

Former Chief Executive Officer (CEO) of the EMI Group, Jim Fifield, is reported to be still working on a deal to buy the record company despite losing financial backer, Corvus Capital. The private equity group had considered making a bid for EMI for some time, but in the end decided against the idea. The New York Post reported on Thursday that Fifield had received financial commitments from members of the Qatari royal family.

It said Fifield wanted to run EMI's recorded music division and sell its publishing assets to record executive Charles Koppelman and private equity firm GTCR Golder Rauner. EMI's board recommended 265 pence a share offer (over $4 billion) from private equity group, Terra Firma Capital Partners, on Monday. The deal would spare EMI the regulatory uncertainty that would come with another music company buying it.